Legend Biotech (NASDAQ:LEGN) Stock Breaks Above 200-Day Moving Average – Here’s Why

Shares of Legend Biotech Corporation Sponsored ADR (NASDAQ:LEGN) passed above its two hundred day moving average during trading on Wednesday. The stock has a two hundred day moving average of $22.10 and traded as high as $23.72. Legend Biotech shares last traded at $22.77, with a volume of 3,155,575 shares trading hands.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on LEGN shares. JPMorgan Chase & Co. decreased their price target on shares of Legend Biotech from $35.00 to $33.00 and set a “neutral” rating on the stock in a research note on Friday, October 9th. Royal Bank Of Canada reduced their price objective on Legend Biotech from $58.00 to $56.00 and set an “outperform” rating on the stock in a research report on Thursday, October 8th. UBS Group restated a “buy” rating and issued a $65.00 target price on shares of Legend Biotech in a report on Monday, September 28th. Raymond James Financial reaffirmed an “outperform” rating and issued a $58.00 target price on shares of Legend Biotech in a research note on Monday, July 27th. Finally, Barclays dropped their price objective on shares of Legend Biotech from $74.00 to $68.00 and set an “overweight” rating for the company in a report on Tuesday, October 13th. Nine equities research analysts have rated the stock with a Buy rating, five have issued a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $54.69.

Legend Biotech Price Performance

The business has a 50 day simple moving average of $19.58 and a 200 day simple moving average of $22.10. The company has a market capitalization of $4.41 billion, a price-to-earnings ratio of -91.08 and a beta of 0.55.

Legend Biotech (NASDAQ:LEGN) last issued its quarterly earnings data on Tuesday, August 11th. The company reported $0.09 earnings per share for the quarter, beating analysts’ consensus estimates of $0.07 by $0.02. The business had revenue of $387.50 million during the quarter, compared to analysts’ expectations of $355.96 million. Legend Biotech had a negative return on equity of 8.71% and a negative net margin of 7.21%. The company’s revenue was up 51.9% on a year-over-year basis. During the same period in the previous year, the firm posted $0.03 earnings per share. On average, equities research analysts predict that Legend Biotech Corporation Sponsored ADR will post -0.08 EPS for the current year.

Insider Transactions at Legend Biotech

In other news, CFO Carlos Santos sold 5,430 shares of Legend Biotech stock in a transaction dated Monday, September 21st. The stock was sold at an average price of $9.14, for a total value of $49,630.20. Following the completion of the transaction, the chief financial officer owned 14,246 shares in the company, valued at approximately $130,208.44. This trade represents a 27.60% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Corazon (Corsee) D. Sanders sold 27,370 shares of the business’s stock in a transaction dated Tuesday, September 29th. The stock was sold at an average price of $9.46, for a total value of $258,920.20. Following the transaction, the director directly owned 52,731 shares of the company’s stock, valued at approximately $498,835.26. This represents a 34.17% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.02% of the stock is owned by company insiders.

Hedge Funds Weigh In On Legend Biotech

A number of institutional investors and hedge funds have recently modified their holdings of LEGN. Parallel Advisors LLC raised its holdings in Legend Biotech by 173.9% during the first quarter. Parallel Advisors LLC now owns 2,084 shares of the company’s stock worth $38,000 after purchasing an additional 1,323 shares in the last quarter. Toth Financial Advisory Corp acquired a new position in Legend Biotech in the third quarter valued at $50,000. Public Employees Retirement System of Ohio acquired a new position in Legend Biotech in the second quarter valued at $92,000. Mirae Asset Global Investments Co. Ltd. acquired a new stake in shares of Legend Biotech during the third quarter worth about $136,000. Finally, Nykredit A S acquired a new stake in shares of Legend Biotech in the 2nd quarter valued at about $162,000. Institutional investors and hedge funds own 70.89% of the company’s stock.

Legend Biotech Company Profile

Legend Biotech Corporation (NASDAQ: LEGN) is a biotechnology company focused on developing, manufacturing and commercializing cell therapies for cancer and other serious diseases. The company’s primary technology is chimeric antigen receptor T-cell (CAR-T) therapy, which genetically modifies a patient’s immune cells to recognize and attack cancer cells.

Legend Biotech’s leading product is CARVYKTI (ciltacabtagene autoleucel), a BCMA-directed CAR-T therapy for certain adults with relapsed or refractory multiple myeloma.